Wake Up Call In the Banking Industry

“Instead of fine print that hides the truth, we need credit card forms and statements that have plain language in plain sight, and we need to give people the tools they need to find a credit card that meets their needs.”

President Obama

I couldn’t agree morebut let’s take in one step further. Months ago, I wrote a column on educating our young people about how to manage money . I believe that it’s never too early to teach our children how to make intelligent decisions where money is concerned.As I read the comments from the banking industry warning us how difficult it’s going to be for consumers to borrow money if Obama’s Credit Card Holder’s Bill Of Rights passes… I think they need to understand that threat tactics aren’t going to fix what’s wrong with our economy.

Instead, why doesn’t the banking industry offer to help educate consumers? Imagine how great it would be if the little guy could walk into a bank and be offered a free workshop on credit card financing or a host of other money management subjects. That and a little empathy would greatly improve customer service ratings.

Why don’t the banks offer to send their well trained financial advisors into our high schools to be guest speakers in a math class. Educate our kids!! They are going to inherit this financial mess we’re in so why not give them some tools to work with!

I hope the Credit Card Holder’s Bill Of Rights passes but more importantly, I hope it results in a huge wake-up call in the banking industry.